Turkish Central Bank

Central Bank decries 'unrealistic' price formations, detached from fundamentals

Commenting on volatility in the foreign exchange markets, Turkey's Central Bank on Nov. 24 decried "unhealthy" and "unrealistic" price formations in those markets, saying they are completely detached from economic fundamentals.

The Turkish Central Bank "implements a floating exchange rate regime and has no commitment to any exchange rate level," it said in a statement.

Central Bank cuts benchmark rate to 15 pct

The Turkish Central Bank on Nov. 18 cut its benchmark one-week repo rate by 100 basis points from 16 percent to 15 percent in line with market expectations.

At its 11th Monetary Policy Committee meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.

Turkey's manufacturing capacity down slightly in October

The capacity utilization rate (CUR) of Turkey's manufacturing industry decreased month-on-month in October, official data showed on Oct. 25. 

After a four-month upward trend, the rate dropped slightly by 0.1 percentage points to 78% this month, compared to September, according to a Turkish Central Bank survey.

Turkish Central Bank lowers interest rates by 200 basis points

The Turkish Central Bank on Oct. 21 lowered its one-week repo rate by 200 basis points, well above market expectation.

The policy rate- also known as the one-week repo rate- decreased to 16% from 18%, the bank said in a statement following its 10th Monetary Policy Committee (MPC) meeting this year.